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Hedge Fund Manager Cliff Robbins Reveals He’s the Largest Holder in Software Company Open Text, Calls it ‘Mispriced’ (CNBC)Blue Harbour Group chief executive Cliff Robbins revealed a new investment in Open Text Corp, a maker of enterprise software based in Canada. “We’re looking at this and saying this is an incredible investment opportunity for us,” Robbins said. “Our models tell us that this company is going to earn about 3.30 [Canadian dollars] a share in just about 18 months. If they make another transformation acquisition, like Documentum – or sell the company, which is always possible in the software space – their return opportunities could be significantly higher than this.”

Activist Hedge Fund Takes a Stake in Apogee to Halt Its Buying Spree (Bloomberg)
Activist investor Engaged Capital has built a position in Apogee Enterprises Inc. and is urging the supplier of glass and other products for skyscrapers to halt its acquisition spree, people familiar with the matter said. Engaged Capital believes Apogee, which counts New York’s One World Trade Center among its customers, is underperforming its competitors, said the people, who asked not to be identified because the matter is private. The investor has held constructive discussions with the company about ways to improve its performance, they said.

Top Hedge Fund Managers Say We’ll Come Running Back to Them as Stock Market Turmoil Returns (CNBC)
Top hedge fund managers including Maverick Capital‘s Lee Ainslie and Hayman Capital‘s Kyle Bass are defending the industry against concerns that passive funds or artificial intelligence could usurp human management. “The conditions that have perpetuated a multi-year headwind are starting to reverse, with the result being a possible multi-year tailwind for hedge funds,” Ainslie said in a wide-ranging paper published Monday. “Looking forwards, we’re entering a period where the possibility for alpha generation should be more rewarding and beta (market) exposure will likely be less rewarding.”

Starboard Value’s Jeffrey Smith: Newell Brands is ‘Extremely Undervalued’ (CNBC)Starboard Value LP CEO Jeffrey Smith says he is optimistic over his firm’s investment in Newell Brands. “We do believe that there is incredible value at Newell. It’s a company with iconic brands. It’s brands that we all heard of [like] Elmer’s glue, Sharpie, Paper Mate,” he said in an interview with David Faber on CNBC’s “Squawk on the Street” Tuesday. “It’s a great company [with] great employees. Unfortunately it’s lost its way.”

Steve Cohen Thinks He Can Dance. Lincoln Center Is Ready for Him (Bloomberg)
Inspired by his daughter dancing the lead in “The Nutcracker,” Steve Cohen may take up ballet himself, he told a crowd at the Rainbow Room, where maybe the 65th floor altitude got to him? “There’s no reason why I couldn’t do it,” the 61-year-old said, giving a new meaning to the word “alternative” in “Alternative Investment Industry Gala.”